Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Apartment, Development, Retail

56 Rental Units Slated for East Hastings Site

PCI Group have submitted a rezoning application for a 16,104 SF site at 3555-3561 East Hastings Street in East Vancouver. The site is immediately adjacent the Kootenay Bus Loop to the West, and a block West of Boundary Road.

There was previously a restaurant on the site. There is also a small one-storey commercial retail building on the east portion of the site.

The proposal is to allow for the development of a 6-storey mixed-use residential building. The proposal includes:

  • 56 secured market rental units;
  • 5 studios, 31 one-bedrooms, 17 two-bedrooms & 3 three-bedrooms;
  • 6,400 SF of ground floor retail/restaurant space;
  • A total density of 3.13 FSR;
  • A building height of 79 ft.;
  • 49 vehicle parking spaces and 110 bicycle parking spaces.

The application is being considered under the Secured Rental Policy.

The architect for the project is BHA Architecture.

The site had previously been listed for sale for $10,000,000.

March 17, 2021by david.taylor@colliers.com
Apartment, Development, Office, Retail

14-Storey Mixed Use Building Planned for Cambie & West 41st Corner

PCI Group has submitted a rezoning application for 495 West 41st Avenue at the Northeast corner of Cambie and West 41st Avenue.

PCI acquired the vacant former gas station site from Coromandel properties last year for $40 Million.

The proposal is to allow for the development of a 14-storey mixed-use building with a rooftop amenity space. The proposal includes:

  • 112 market rental units;
  • 60 one-bedrooms, 50 two-bedrooms & 2 three-bedroom units;
  • 12,625 SF of office space;
  • 7,065 SF TD Bank;
  • A total density of 6.59 FSR;
  • A building height of 150 ft.;
  • 64 vehicle parking spaces and 202 bicycle parking spaces

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Perkins & Will.

February 8, 2021by david.taylor@colliers.com
Apartment, Condo, Development

Wesgroup Envisions 241 Units for Balfour Block

Wesgroup has submitted their rezoning application for the ‘Balfour Block’, a unique 101,883 SF (2.3 acre) site located at West 18th Avenue and Laurel Street in the Cambie Village area, just East of Oak Street. The existing site contains 16 older duplex buildings that will be replaced.

The proposal calls for the development of a 6-storey rental building; a 6-storey condo building with a rooftop amenity and a childcare space on the ground floor and six 4-storey and two 3-storey stacked townhome buildings.

The proposal includes:

  • 241 total units;
  • 84 townhouses;
  • 57 condo units;
  • 100 secured rental units (with 25% at below-market rates);
  • A total density of 2.16 FSR;
  • Building heights of 37.5 ft. to 82.6 ft.;
  • 334 vehicle parking spaces and 630 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan and theRezoning Policy for Large Sustainable Developments.

Wesgroup acquired the site in 2015 for $46,200,000 or $210 per buildable SF based on the application.

The architect for the project is Formwerks.

February 8, 2021by david.taylor@colliers.com
Apartment, Development

69 Rental Units Proposed for Lower Lonsdale

A rezoning application has been submitted by Three Shores Development for a mid-block site at 145-153 East 4th Street in the Lower Lonsdale area of North Vancouver.

The plan for the 17,284 SF calls to allow a new 6-storey rental apartment building. The existing site consists of two older apartment buildings totaling 20 units that will be replaced.

Details include:

  • 69 market rental units;
  • 7 mid-market rental units;
  • 20 studios, 29 one-bedrooms, 10 two-bedrooms & 10 three-bedrooms;
  • a total density of 2.57 FSR;
  • 52 underground parking spaces.

The architect for the project is Integra Architecture.

The site had been listed for sale in 2019 with an asking price of $9,850,000.

February 4, 2021by david.taylor@colliers.com
Apartment, Development, Retail

Rental Highrise Proposed for Southeast False Creek Site

A rezoning application has been submitted by Point Grey Developments for the site at 5 West 2nd Avenue, the Big City’s Autobody site at the Northwest corner of West 2nd and Ontario in the Southeast False Creek area of Vancouver.

The site has been owned by a local family since the 1960’s.

The proposal is to allow for the development of an 18-storey rental building with commercial uses at grade. The zoning would change from M-2 to CD and the project includes:

  • 122 market rental units;
  • 20% of the residential floor area assigned to moderate income households;
  • 21 studios, 57 one-bedrooms, 36 two-bedrooms & 8 three-bedrooms;
  • 4,893 SF of retail space at grade;
  • A density of 7.77 FSR;
  • A building height of 181 ft.;
  • 53 parking spaces and 232 bicycle spaces.

The application is being considered under the Southeast False Creek Official Development Plan and the Below-Market Rental Housing Policy for Rezonings.

The architect for the project is MA+HG Architects Inc.

January 26, 2021by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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